According to study, “World Grain Oriented Electrical Steel Market Research Report 2024(Covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world grain oriented electrical steel market are NLMK Group, ThyssenKrupp, AK Steel, JFE Steel, Posco, Stalprodukt S.A., ArcelorMittal, Cogent (Tata Steel), ATI, Baosteel, NSSMC, Shougang, WISCO, Ansteel. The manufacturing companies have been planning to create long-term associations with solution providers for the purpose of adapting functionality of end-products and to improve effectiveness.
Electrical steel is an alloy which contains iron and silicon. Grain oriented electrical steel is an iron-silicon magnetic alloy, which is used to construct the cores of highly-efficient electric transformers owing to its unique magnetic property. It consists of tiny regions, called magnetic domains, which have the same unstructured magnetization direction. The boundary between two domains is known as domain wall. It is available in many grades such as M-2, M-3, M-4, M-5 and M-6, with superior magnetic properties in the rolling direction. It is used in large generators and other apparatus when design permits the directional magnetic characteristics to be used efficiently. It is usually has a silicon level of 3%. It is usually applied in rectifiers, transformers, and so on.
Based on type, grain oriented electrical steel market is segmented into HiB high permeability and cold-rolled grain-oriented sheet (CRGO) steel. HiB segment is expected to witness higher growth rate due to rise in focus on energy efficiency over the forecast period. Based on product type, market is segmented into general, domain refinement and high magnetic strength.Based on process type, market is segmented into semi-processed and fully-processed.Based on grade type, market is segmented into conventional grade (CGO) and high permeability grade (HGO). Based on sales channel, market is segmented into distribution sales and direct sales.In addition, based on application, market is segmented into spinner, large electrical machine, immobilizer, compressor-motor, middle sized motors and general-purpose machine.
The grain oriented electrical steel market is driven by rise in demand for electricity, followed by rapid urbanization & growth in population, surge in disposable income, increase in investments in infrastructural growth, rise in spending ability of the consumers, high consumption rate of grain oriented electrical steel in transformers & motors, rise in innovative technologies, various advantageous properties and rise in development in automobile & construction industry.However, rise in safety & technological constraints and volatile price of raw material may impact the market. Moreover, stringent regulations & government support is a key opportunity for market.
Based on geography, China country holds major share in grain oriented electrical steel market owing to shift in buying behavior of individuals and growth in population density in urban areas in the country. USA and EU regions are expected to witness higher growth rate due to increase in construction activities and rise in demand from automobile sectors over the forecast period. In near future, it is estimated that the market will be reached at rapid pace on account of growth in production sales of grain-oriented electrical steel and rise in smart power sector infrastructure during the forecast period. The worldwide market is anticipated to grow at a CAGR of approximately 1.6% over the next five years, will reach US $7270 million in 2024, from US $6590 million in 2019.
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Ankur Gupta, Head Marketing & Communications